New York Community Bank Complaint

New York Community Bank Bank account or service department,

(CD) Certificate of deposit Account opening, closing, or management New Jersey

To summarize, I have an 18-month liquid CD with New York Community Bank with a " DO NOT RENEW AFTER MATURITY '' when CD was opened with the branch manager. This is also noted on the Notes section of the CD contract agreement. This was a liquid CD type to make sure I can withdraw the funds when needed for funding my kids college costs. The CD had matured earlier this year but NYCB bank automatically rolled it into a regular 18-month CD with a very low rate, since according to the bank, I did not notify them during the grace period. Note that the original CD was a LIQUID type with a " no renewal after maturity '' terms. I was told that I would be penalized ( $ -+ ) if I withdraw the money. So now, my funds are locked into this low 18-month rate with a penalty if I take my money out. I am also an " Elite '' program customer supposed to be given higher rates ( CD, Savings, etc. ), more benefits, at this bank. According to the bank, because of this " Elite '' customer status, there is a benefit to auto

have spoken to the branch manager and several bank employees of the bank and I was even told that the bank do not normally follow these notes/terms on the CD contract. The NYCB bank breached the terms of the CD contract agreement by reinvesting my funds automatically into a REGULAR CD. To add insult to injury, I was told that as an added benefit going forward, they will revised their policies to make it clearer to customers going forward. I have mailed a copy of the complaint to the CEO/President as well as the COO. I am still waiting for a reply. Since these operational procedures are not followed at this bank, it is causing customers like me to suffer and pay for their violations. I want to raise all these points to the regulators so it should prevent others to suffer like me.